Ad hoc announcement pursuant to Article 53 LR
- Swiss Re maintains a strong capital position; Group Swiss Solvency Test (SST) ratio of 257% as of 1 January 2025[1]
- Swiss Re proposes to elect Morten Hübbe and George Quinn as new members of the Board of Directors; Philip Ryan and Sir Paul Tucker will not stand for re-election
- Swiss Re publishes Annual Report 2024 and the Sustainability Report 2024
Zurich, 13 March 2025 – Swiss Re today published its Annual Report 2024, Sustainability Report 2024 and the invitation for the upcoming Annual General Meeting of shareholders (AGM) on 11 April 2025.
Consistent with its capital management priorities, Swiss Re continues to focus on ensuring superior capitalisation while remaining committed to its capital return policy and deploying capital to profitable growth opportunities. The Group's capital position remains strong with a Group SST ratio of 257% as of 1 January 2025. As a result of this position, solid 2024 financial results and a positive business outlook, Swiss Re's Board of Directors decided to propose a dividend of USD 7.35 per share, which represents an 8% increase.
Swiss Re's Chairman Jacques de Vaucleroy said: "In 2024, Swiss Re strengthened the foundations of its business while focusing on disciplined underwriting and cost efficiency. In the current heightened risk environment, our increased resilience allows us to continue to provide peak risk capacity and risk knowledge to our clients while creating value for our shareholders."
Publication of the Annual Report 2024 and the Sustainability Report 2024
Swiss Re today published its Annual Report 2024 and its Sustainability Report 2024. The Annual Report includes the audited consolidated and statutory financial statements of Swiss Re Ltd for 2024.
The Sustainability Report describes the Group Sustainability Strategy and its implementation across Swiss Re in 2024. In line with the new requirements of the Swiss Climate Ordinance, the report for the first time includes the Climate Transition Plan, which outlines Swiss Re's strategy to achieve Group-wide net zero greenhouse gas emissions by 2050.
Swiss Re 2025 AGM
Swiss Re's Board of Directors nominates Morten Hübbe and George Quinn for election as new, non-executive and independent members of the Board for a one-year term.
Morten Hübbe was Group CEO of Tryg, Scandinavia’s largest non-life insurer, from 2011 to 2023, and its Group CFO from 2002 to 2011. Prior to that, he worked at Zurich Insurance Group and Almindelig Brand Insurance in Denmark. He is currently Chairman of the Boards of Conscia and Trustly. Morten Hübbe is a Danish citizen born in 1972. He holds a Master’s degree in Finance and Accounting from Copenhagen Business School.
George Quinn was Group CFO at Zurich Insurance Group from 2014 until 2024. Prior to that, he held various leadership roles at Swiss Re, most recently as Group CFO from 2007 to 2014. His career began in 1988 at KPMG in London. George Quinn is a British citizen born in 1966. He earned his degree in engineering from the University of Strathclyde Scotland.
Swiss Re's Chairman Jacques de Vaucleroy said: "We are delighted to attract two outstanding industry professionals for election to our Board of Directors. Morten Hübbe and George Quinn bring extensive insurance experience, strong expertise in our core business and proven strategic skills. I would also like to thank Philip Ryan and Sir Paul Tucker for their great dedication and strong contributions to Swiss Re's strategic development over the past years."
Furthermore, the invitation for the 2025 AGM, published by the Board of Directors, includes but is not limited to:
- Proposal for a distribution of an ordinary dividend of USD 7.35 per share for the 2024 financial year.
- Proposal for Board elections and re-elections: Philip Ryan and Sir Paul Tucker will not stand for re-election at the AGM. The Board of Directors proposes the re-election of all other current members for a one-year term in office, including Jacques de Vaucleroy as both a Board member and Chairman. Additionally, the Board proposes the election of Morten Hübbe and George Quinn as new members.
- Proposal for the re-election of Deanna Ong, Jay Ralph and Joerg Reinhardt to the Compensation Committee and the election of Morten Hübbe as a new member of the Compensation Committee.
- Proposal for approval of the compensation of the Board of Directors and the Group Executive Committee and a consultative vote on the 2024 Compensation Report.
- Proposal to extend the capital band for an additional two years.
- Proposal for a consultative vote on the Sustainability Report 2024.
This year's AGM will be held at 09:30 CEST on 11 April 2025 in the Hallenstadion, Zurich. The invitation to Swiss Re's 2025 AGM is available online here. Voting results will be published on the Group's website shortly after the AGM.
Media representatives can view the AGM as a live broadcast or attend in person by registering in advance here.
Both the Annual Report 2024 and the Sustainability Report 2024 are available on Swiss Re's Annual Report website here. In addition, the Swiss Reinsurance Company Ltd Annual Report 2024 is available here.
